You do not have to build castles in the air anymore. If you have been dreaming about owning your own home, and are worried about your low credit rating or non-availability of funds for a down payment, FHA loans are the ideal solution for you. Helping the first time homeowners realize their dreams is FHA, the Federal Housing Administration, offering mortgages that are insured, for 15 or 30 year terms with fixed or adjustable interest rates.

Launched by the Federal Housing Finance Agency or FHA in the United States in the year 2009, the HARP – Home Affordable Refinance Program – is a home loan initiative targeted specifically at homeowners who have negative equity and are looking for options to refinance their mortgages. That is, for those people who own property and are continuing to pay the regular mortgage and the property has a value below the outstanding balance on the mortgage that was used to purchase it.

Refinancing is a good option when you feel that the loan you have taken is becoming a big burden on your head. But the factor that is being a burden is the interest rate of the home finance. But you could certainly opt for a lower rate of interest by going forward with the option of refinancing.

If you are a first time home buyer, you might get cowed down by the zillion procedures that need to be done regarding purchasing a new property. Of course, financing your home might be the first of your concerns. Here is a guide to the various mortgages available to first time home buyers.

As soon as you purchase a home, you are eligible for a home equity loan. However, since equity is built slowly over the years, it can take a couple of years for you to qualify for a loan against it. For the home equity loan to be approved, the homeowner must be in ownership of at least an 80% loan-to-value ratio remaining after the home equity loan.

Buying home is a task, and in today’s world where the prices of homes are going sky high, and the income still remains the same, it becomes difficult to buy the first home with full down payment. People have been struggling everywhere to make a living and buy a home for themselves.